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Margaux Resources Ltd. (TSX VENTURE:MRL) (“Margaux” or the “Company”) is pleased to announce that it has successfully identified high-grade Zinc-Lead and Silver during its ongoing 2016 surface prospecting program on its Jersey-Emerald Property, in British Columbia.
The Company identified samples which included 26.20% lead with 7.91% zinc and 646 g/t silver and 12.75% lead with 11.60% zinc and 228 g/t silver. All samples were taken from areas beyond the historic working area, extending the Company’s interest beyond the historic mine workings. Margaux is extremely encouraged by these results which continue to expand the potential of the Jersey-Emerald Property.
Key results obtained from the ongoing prospecting program are presented below (see map and table).
|Location||Sample No.||Grab sample description||Ag ppm||Pb |
|Bi ppm||Cd ppm||In ppm||Mo ppm||Other elements |
(ppm or as denoted in %)
|70m NE of Emerald 4640||MRL 11-1||2 m limonization argillite zone||5.7||0.22||0.64||28.5||36.7||0.39||31.4||Se: 15.9|
|MRL 11-2||10-20cm massive gossan (pyrrhotite) vein||11.9||0.50||1.16||22.9||70.4||0.26||55.0||Re: 0.208, Sb: 152.5, Se: 17.1|
|MRL 11-3||Gossan||37.8||3.69||1.52||16.0||20.2||0.08||133.5||Sb: 275|
|Limonite outcrop||P253-1||Approximately 45m by 25m gossan outcrop, NE35 trending, dip to W, dip angle is about 45 degree. Brown-yellow gossan soil;||1.4||3.30||0.48||3.6||9.7||0.02||78.4||Hg: 1.43|
|P253-2||Honeycomb-like gossan||2.0||2.29||0.68||1.0||29.4||0.02||92.3||Hg: 1.44|
|Nevada Mountain||P195-1||Massive pyrrhotite with Cph||6.2||0.00||7.58||4.9||899.0||12.05||3.2||WO3: 0.33%, Cu: 0.44%, Se: 85.6, Be: 7.46|
|Iron Mountain||P126||15cm Cc+Gn+Sp vein trending 94 degree, subvertical||646.0||26.20||7.91||68.0||530.0||6.42||0.7||Sb: 1200, Se: 126.5, Te: 5.94, Sn: 80|
|Tungsten King 1||P157-1||Massive galena-pyrrhotite vein;||228.0||12.75||11.60||57.3||>1000||19.20||3.5||Sb: 149.5, Te: 3.88|
Note: The reader is cautioned that these assays represent prospecting samples and may not be representative of the grade or width of the mineralization. There is presently insufficient data with respect to the size and extent of the mineralization to determine its significance.
Gossan zone (samples P253-1,2, MRL 11-1, 2, 3): The old gossan zones at Jersey-Emerald mine have great potential to discover additional lead-zinc ore. The mapped limonite outcrop (P253) is about 45 meters by 25 meters.
Iron Mountain (sample P126): An East-West trending, subvertical, narrow lead-zinc-silver mineralization is identified in limestone at the top of Iron Mountain. The East-West trending fault cuts bedding of limestone and has similar trending to gold-bearing quartz veins in the region which is of geological significance.
Nevada Mountain (sample P195-1): Zinc-tungsten mineralization is discovered at Nevada Mountain, where limestone, argillite and skarn is observed, East of the Jersey-Emerald mine. There is a strong magnetic anomaly at Nevada Mountain; the mineralization could be related to the magnetic anomaly.
Tungsten King I (sample P157-1): Identified an old mineral occurrence with high grade lead-zinc-silver mineralization. The mineralization is fracture controlled and warrants further exploration.
Margaux retained the services of Victor Zhao and Chaoxian Zhou from Continental Geology & Mining Consulting Inc. (“CGMC”) to conduct field work on the Jersey-Emerald property from July 11 to 25, 2016. As part of their work with the Company, Dr. Zhao collected the grab samples discussed in this press release.
Launch of the New Margaux Resources Website
In addition, Margaux is pleased to announce the launch of its new website (www.margauxresources.com) and invites visitors to learn more about the Company and its assets through exploring the new site. As Margaux advances operations at the Jersey-Emerald mine, its goal with this new website is to provide a platform for the community, industry and investors to follow Margaux’s progress and facilitate improved communications.
New features of the site include a full suite of investor information, operational updates, as well as integrated social media for LinkedIn and Twitter (@MargauxResource). The website will be regularly updated as the Company progresses and has relevant news or content for interested parties.
“It is imperative that Margaux has a fully functioning platform to engage with our community, industry and investors. Our new website in conjunction with our social media presence allows us to keep up-to-date with interested parties, sharing our progress and allowing for better insight into the company”, said Tyler Rice, the Company’s President and CEO. “With zinc prices increasing over 45% since January 2016 and global published inventories near a 5 year low and the investor focus on this commodity has increased significantly. Through this new website, we are excited to showcase Margaux’s operations and future involvement in the zinc market.”
About Margaux Resources Ltd.: Margaux is a publicly traded mineral exploration company focused on the exploration and development of the previously producing Jersey-Emerald property, located in southeastern British Columbia. The Company is directed by a group of highly successful Canadian businessmen with proven track records. Margaux has an option to earn 100% ownership on the mine. Margaux trades on the TSX Venture Exchange under the symbol MRL.
Forward Looking Statements
This press release may contain forward looking statements including those describing Margaux’s future plans and the expectations of management that a stated result or condition will occur. Any statement addressing future events or conditions necessarily involves inherent risk and uncertainty. Actual results can differ materially from those anticipated by management at the time of writing due to many factors, the majority of which are beyond the control of Margaux and its management. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: Margaux’s exploration plans and work commitments, the receipt of required regulatory and other approvals as well as other market conditions and economic factors, business and operations strategies. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Margaux Resources Ltd.
Tyler RicePresident, CEO and a Director